Pipeline And Process Services Market to Grow with a CAGR of 5.19% through 2028
Increasing demand for energy and growing need for
pipeline and process infrastructure to transport and process hydrocarbons are
likely to drive the market in the forecast period.
According to TechSci Research report, “Pipeline And
Process Services Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Pipeline And Process
Services Market stood at USD 4.08 billion in 2022 and is anticipated to grow
with a CAGR of 5.19% in the forecast period. A significant driver of the global
Pipeline and Process Services market is the ever-expanding need for energy
infrastructure worldwide. As economies grow and urbanization accelerates, the
demand for energy, particularly in the form of oil and natural gas, continues
to rise. Meeting this escalating demand necessitates the construction,
expansion, and maintenance of extensive pipeline networks. The global shift
toward cleaner energy sources, such as natural gas and renewables, also
contributes to the expansion of energy infrastructure. Natural gas pipelines,
in particular, are crucial for transporting this cleaner-burning fuel to power
plants, industrial facilities, and residential consumers. Moreover, as
renewable energy sources like wind and solar power become more prevalent, the
Pipeline and Process Services market extends its reach to include the
installation and maintenance of transmission lines and interconnectors, which
are vital for delivering electricity from remote renewable energy generation
sites to population centers.
As a result, the Pipeline and Process Services
industry is inextricably linked to the growth and sustainability of global
energy systems, making it a key driver of economic development and
environmental progress.
The global Pipeline and Process Services market is
significantly driven by stringent regulatory compliance and safety measures
imposed by governments and regulatory bodies worldwide. Ensuring the integrity,
reliability, and safety of pipelines is of paramount importance, considering
the potential environmental, economic, and public safety risks associated with
pipeline failures. Governments and regulatory authorities mandate various
safety and environmental standards that pipeline operators must adhere to.
These regulations cover aspects like pipeline design, construction,
maintenance, and operation. Compliance is enforced through strict inspection
regimes, safety audits, and penalties for non-compliance. This regulatory
environment creates a substantial demand for Pipeline and Process Services.
Service providers offer a range of services, including inspection, maintenance,
integrity assessment, and emergency response planning, to help pipeline
operators meet these stringent requirements.
As incidents involving pipelines can have far-reaching
consequences, governments are increasingly vigilant in monitoring pipeline
safety, resulting in continued growth and investment in the Pipeline and
Process Services sector. Meeting regulatory obligations while ensuring the
safety and reliability of pipelines remains a primary driver for both service
providers and pipeline operators alike.
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The Global Pipeline And Process Services Market is
segmented into asset type, raw material, operation type, end user and region.
Based on asset type, The Pipelines segment had the
largest market share in 2022 & expected to maintain it in the forecast
period. Pipelines are the backbone of energy transportation globally. They are
crucial for the efficient movement of hydrocarbons, including crude oil,
natural gas, and refined products, from production sites to distribution
points, refineries, and end-users. These pipelines are essential for ensuring a
stable energy supply, supporting industrial processes, and meeting the energy
needs of homes and businesses. Pipelines comprise an extensive network that
spans continents and countries. This network includes both onshore and offshore
pipelines, covering vast distances to connect energy sources with consumption
centers. The sheer scale of this infrastructure makes pipelines a dominant
asset type in the energy industry. Pipelines are known for their longevity and
durability when properly maintained. Many pipelines have been in operation for
decades, and with regular maintenance and integrity management, they can continue
to function efficiently for an extended period. This durability contributes to
their dominance, as they represent long-term, capital-intensive assets.
Pipelines play a critical role in ensuring energy security and reliability.
They provide a consistent and secure means of transporting energy resources,
reducing dependence on volatile transportation methods such as tankers or
trucks. This reliability is essential for maintaining stable energy supplies
and supporting economic growth. Compared to other modes of transportation like
rail or trucks, pipelines are often more cost-effective for bulk transportation
of fluids and gases over long distances. This cost-efficiency is especially
important in the energy sector, where economies of scale and operational cost
savings are significant drivers.
Based on raw material, The Steel segment had the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. Steel is renowned for its exceptional strength and
durability, making it well-suited for the demanding conditions of pipeline construction
and operation. This durability ensures the longevity of pipelines, which is a
critical factor for economic viability.
Steel, especially carbon steel, can withstand high-pressure and
high-temperature conditions, making it ideal for transporting fluids and gases
under extreme environments. This capability is essential for industries like
oil and gas, where pipelines must handle varying pressures and temperatures.
While steel is susceptible to corrosion, various coatings and cathodic
protection systems can effectively mitigate this issue. The ability to protect
steel pipelines from corrosion ensures their long-term reliability and safety.
Steel can be manufactured and customized to meet specific project requirements,
including wall thickness, diameter, and strength. This versatility allows for
the construction of pipelines tailored to different applications and operating
conditions. Steel pipelines have a long history of successful operation, and
their reliability is well-documented. This track record instills confidence in
steel as a preferred choice for transporting critical fluids and gases. Steel
pipelines can transport a wide range of substances, including oil, natural gas,
water, chemicals, and more. This versatility makes steel suitable for various
industries and applications. Many regulatory bodies and industry standards
recommend or require the use of steel in specific applications due to its
strength and durability, ensuring compliance with safety and environmental regulations.
Major companies operating in the Global Pipeline
And Process Services Market are:
- Baker Hughes Company
- Schlumberger NV
- Halliburton Offshore Services Inc
- TechnipFMC Plc
- Saipem S.p.A.
- Worley
- Jacobs Solutions Inc
- Fluor Corporation
- McDermott International Ltd
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“The Global Pipeline And Process Services market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. The growth of the market is being driven by the increasing
demand for energy, the growing need for pipeline and process infrastructure,
and the rising concerns about pipeline safety and environmental protection.
North America and Europe are expected to remain the largest markets for
pipeline and process services during the forecast period. However, the Asia
Pacific region is expected to witness the fastest growth in the market. Therefore,
the market of Pipeline And Process Services is expected to boost in the
upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Pipeline And Process Services Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By
Asset Types (Pipelines, Process), By Raw Material (Plastic, Carbon Steel,
Steel), By Operation Type (Pre- Commissioning, Maintenance, Decommissioning),
By End User (Oil and Gas Industry, Chemical Industry, Water Treatment Industry,
Construction and Manufacturing Industry), By Region, By Competition”, has evaluated
the future growth potential of Global Pipeline And Process Services Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers make sound investment decisions., The report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Pipeline And Process Services
Market.
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